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For access to your online account please contact your personal account manager, alternatively email team@regencyfx.com.
Good morning,
It certainly was a big day for the Pound yesterday. The reaction to the budget looks to have been very positive for Sterling versus the Euro where the rate increased significantly. It did give some ground up not long after, but appears to have consolidated in early trading today.
The other data overnight came in as follows: US retail sales missed estimates which weakened the Dollar slightly. New Zealand missed estimates for their GDP resulting in a weakening of the New Zealand Dollar versus the Pound. Japans imports also missed estimates, but had little effect on GBP/JPY. And finally the Australian employment data beat expectations which looks to have been good for the Australian Dollar versus the Pound.
Today could be another bumpy ride for both GBP/USD and GBP/EUR. First there's the US initial jobless claims, but the big news comes after lunch.
The ECB has it's interest rate decision where analysts are expecting a strong hike of 50 basis points (0.5%) to 3.5%. There's also the ECB monetary policy decision statement and a press conference. It's possible we will see the Pound either make further significant gains or potentially give up the ground made yesterday.
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Today’s Economic Calendar
US: 12:30 Initial Jobless Claims
EUR: 13:15 ECB Interest Rate Decision
EUR: 13:15 ECB Monetary Policy Decision Statement
EUR: 13:45: ECB Press Conference
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As ever we look forward to keeping you in the loop and look out for our next update.
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